World’s Largest Investment Firm, BlackRock, Dumps Net-Zero Club

Elections certainly do "have consequences," as Lord Obama once famously said. Less than two months after Donald J. Trump won the election and Republicans won both houses of Congress, the six largest banks in the U.S. all withdrew their membership in the United Nations Net Zero Banking Alliance (NZBA), with the largest bank, JPMorgan Chase, leaving earlier this week (see Largest Bank in U.S. Drops Out of UN’s Net Zero Banking Alliance). And now, wonder of wonders! The investment equivalent of Darth Vader, BlackRock, with some $9 trillion of investments under management, announced that it is pulling out of the investment banking equivalent of NZBA, something called the Net Zero Asset Managers (NZAM) initiative. Translation: It's OK to invest in fossil energy once again. At least here in the good old US of A.

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